GOWRISHANKAR Vs. N MURALIDHARAN

JUDGEMENT

(1.) The revision petitioners are the accused nos.1 to 3 in C.C.No.184 of 2008 on the file of the learned Judicial Magistrate No.V, Salem. In the said Court, the respondent in this revision petition had filed a private complaint against these petitioners under Section 138 of the Negotiable Instruments Act.

(2.) It is alleged that the revision petitioners on 06.12006 borrowed a sum of Rs.2,50,000/- from the respondent and in order to discharge the said loan, they issued a cheque drawn on Karnataka Bank Limited, Salem. Further, the petitioners were also borrowed another sum of Rs.2,50,000/- on 13.12006, for which, they executed a promissory note agreeing to repay the same along with interest at the rate of 24% per annum. Subsequently, the petitioners paid a sum of Rs.22,000/- towards interest. Thereafter, neither the loan amount nor the interest have not been paid by the petitioners.

(3.) However, on 15.10.2007, the petitioners had issued two cheques in favour of the respondent [one cheque for Rs.5,00,000/- dated 01.12.2007 drawn on UCO Bank, Salem, towards the principal amount and another one cheque for Rs.78,000/- dated 06.12.2007 drawn on UCO Bank, Salem, towards interest]. Those cheques were presented for collection but they were returned as funds insufficient . So, as per the provision of the Negotiable Instruments Act, statutory notice was issued to the revision petitioners. The petitioners 1 and 2 had refused to receive the notice but the third petitioner received the notice. Subsequent to that notice, the petitioners did not pay the amount.